2) Loctorism Inc. uses the revaluation model (elimination method) to account for equipment. Upon inception of the company Loctorism purchased equipment for $250,000 on July 1, 2019 (fiscal year end is June 30 th). The revaluation of the equipment will be done every 2 years. Straight-line depreciation is used and the useful life of the equipment is estimated to be 50 years (no residual value). The fair value of the equipment at June 30,2021 is 261,700 . Required: Prepare Loctorism's journal entry needed using the elimination method at June 30,2021